AstraZeneca PLC Wednesday said it has entered research deals with two Asian drug companies, just one day after suffering setbacks for two important pipeline products. The London-based pharmaceuticals group entered a global deal to co-develop and sell a targeted cancer therapy from Hutchison China MediTech Ltd. and also bought options on a potential new class of diabetes pills from Japan-based Astellas Pharma Inc. The collaboration with China MediTech is a global licensing, co-development and commercialization agreement for a compound named Volitinib--an inhibitor of the c-Met receptor tyrosine kinase for treating cancer, discovered and developed in China by China MediTech and which is about to enter Phase I testing. AstraZeneca will pay the Hong Kong-based company $20 million upfront and up to $120 million if the cancer drug is developed successfully, plus possible significant future commercial sale milestones and up to double-digit percentage royalties on net sales.